In today's rate environment, it's rare when a bank increases a deposit account rate. That happened at Civic Bank & Trust which has a very competitive 18-month CD special. It has a 1.50% APY which is up from 1.40% APY when I last reported on this in April. Minimum deposit is $5,000. One nice feature of this CD is that you are allowed to add to the CD anytime in multiples of $1,000. There is also a special 10-month CD, but it has a much less competitive yield of 0.90%. These rates are listed in the bank's rates page as of 12/14/2011.
This bank also has a competitive reward checking account. It has a yield of 3.00% APY on balances up to $30K (as of 12/14/2011). I reviewed this account in April.
It appears that a branch visit is required to open an account. Civic Bank & Trust's office is located in Nashville, Tennessee.
Civic Bank & Trust has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 20.84% (average) based on September 2011 data. Please refer to our financial overview of Civic Bank & Trust for more details. The bank has been a FDIC member since 2005 (FDIC Certificate # 58040).
How This CD Rate Compares
The highest 18-month CD rate that's nationally available is 1.35% APY at Alliant Credit Union ($25K minimum). In my opinion, a better deal is the 5-year CD at Ally Bank which has a 1.84% APY. Since its early withdrawal penalty is only 2 months of interest, the yield if closed at 18 months would be 1.63%. I reviewed this strategy along with some risks in this post.
Searching for Top CD Rates
To search for nationwide CD rates and CD rates in your state, please refer to the best CD rates section of DepositAccounts.com.